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We are pleased to have entered escrow on this lovely University Heights property in San Diego. If you have further questions about this or another property, please contact us and we can assist you. Here is a link to the original blog.
We are pleased to present this charming North Pasadena home on a beautiful tree lined street with gleaming original hard wood floors. Huge living room with lots of natural light and lovely brick fireplace. Formal dining room with beautiful woodwork accents. Lovely master bedroom with large closets and dressing area, attached to full bath with separate shower and tub. 2 other spacious bedrooms, one of which attaches to the other 3/4 bath. Galley style kitchen with breakfast nook. Office attached with outside exit. Newer dual pane upgraded vinyl windows bring in lots of natural light. Central air and heat. Small basement for additional storage. Separate laundry room. 2 car detached garage with attached large workroom behind the garage. Huge private yard with many mature fruit trees and lots of room to add a pool. Close to freeway, schools, & parks. This home has been meticulously maintained and is a must see!!
For more information, please click here to see the MLS listing. Please contact us if you have any questions about this home or about listing your real property for sale.
We are pleased to present this charming, well-maintained Craftsman bungalow in the University Heights neighborhood of San Diego just waiting to be revived and renovated. Intricate woodwork, period piece windows, real hardwood floors, updated appliances, central HVAC, permitted bedroom and patio addition, and enclosed porch. Walking distance to Vermont Street Bridge and on to Trader Joe’s, Ralphs, and local shops. Perfect for an investor looking to renovate and sell for profit, while living in the house during renovation.
For more information, please click here to see the MLS listing. Please contact us if you have any questions about this home or about listing your real property for sale.
Get ready for some major changes coming to the real estate and mortgage industry on August 1, 2015. That’s when the new TILA-RESPA regulations of the Consumer Financial Protection Bureau (CFPB) will go into effect.
Among the most important changes from the new regulations, there will no longer be Good Faith Estimates or Truth in Lending disclosures. Instead, those two forms have been combined into a single Loan Estimate (LE). With the new LE form, lenders will be held to the exact charges listed for some items and must come within 10 percent on other items. In addition, the HUD-1 Settlement Statement will be replaced by the Closing Disclosure (CD). The CD will include the same items as the LE to allow the borrower to compare the items side-by-side. The CD must be delivered to the borrower at least three days prior to the closing. Any changes to the CD may delay the closing process. Because the lenders will be responsible for the disclosure documents that they produce, lenders will be fairly inflexible about last minute changes to any of these items. Further, given the requirement of delivery of the CD at least three days prior to the closing, all parties to real estate transaction should prepare for longer escrow periods and should endeavor to have all documents completed at least one week in advance of the desired closing date.
Last month, the RE/MAX CEO and co-founder directed a personal letter to the CFPB president requesting a “good faith grace period” for the introduction of the new regulations. In response to multiple similar requests, the CFPB announced last week that a grace period will be in effect for those lenders attempting to comply in good faith with the new regulations. However, the CFPB did not push back the August 1 implementation date of the new regulations. Thus, lenders and services will likely make their best efforts to comply with the new regulations, and consumers will not receive any form of relief from the impact of these new regulations on real estate transactions.
The takeaway for California buyers and sellers is to be prepared for 45 to 60 day escrows with more paperwork and to anticipate more interaction and more coordination between the lender, escrow officer, borrower, and other involved parties.
Esquire Real Estate makes it our business to know what's going on with the most current legal changes in the real estate industry as well as to educate our clients on the best strategy to maximize their profit and legal protection. This is all included in our services. Here are just 7 Reasons why hiring us, an Attorney-Broker in one, will protect your assets, maximize your profitability, and keep your real estate interests protected.
UPDATE: Just after this blog was published, we learned that the CFPB issued a statement that the effective date of these regulations will be moved to October 1. You can view the CFPB statement here.
A recent article in the Realtor magazine, which is directed to real estate agents, rightly warned of the legal pitfalls and danger of a real estate agent drafting contracts and simply filling in the blanks. To slightly modify the byline from the story, “Crafting contracts may look simple, but agents going it alone are probably clueless about the risks involved.” The article suggests that agents, buyers, and sellers obtain legal evaluation and advice for their real estate transactions. The article further warns agents about the risk of “violating restrictions against the unauthorized practice of law when you pull down legal forms from the Internet.”
California defines the practice of law as providing “legal advice and legal instrument and contract preparation, whether or not these subjects were rendered in the course of litigation.”
You can check out the article here: http://realtormag.realtor.org/law-and-ethics/law/article/2015/05/dont-fill-in-blanks
Why would you trust your most valuable and important asset to a real estate agent (who should seek out legal counsel during the transaction) when you can have the services of an attorney-broker through Esquire Real Estate at no added cost to you?
Please contact Esquire Real Estate for your next real estate transaction, so you can enjoy the legal expertise and customized contract drafting of an attorney along with the sales and real estate knowledge of a real estate broker.
